Actually several of them have already received 6 day bans and a rather painful stat reset with extra deaths and losses thrown in. Whether or not that will continue to happen moving forward I have no idea but it has happened. What I think that people are missing though, is that there are several legit PM's out there now and they tend to assume that everyone that is a PM somehow cheated to get there.
Black Ops 2 facts:
Prestige Masters will not be IP Banned or Console Banned, too many people have done it.
There ARE legit Masters. No exceptions.
Stahp reporting every Master you see; Treyarch staff will blacklist your name from showing on their reports if there's multiple legit ones in the report.
Being a Glitch Master does not give you the skill of a Legit Master. No exceptions.
Not everyone who did the Prestige Glitch will glitch their way to Master. Some will go to 7-9 and wait until the glitch is patched before they start leveling up. With this in mind, many/all Prestige Master glitchers may/will be banned, but this doesn't apply to the ones below that.
I have seen two people who claimed that they glitched and got reset. One had a kdr of like .1, .05 wlr, spm of 18 and was level 47 with 7 days played. To identify them they need a permanent emblem that says they are a cheater. They should also not be allowed to reset their stats when they get to level 55.